sec.61Discount rate for lump sum award

### sec.61 Discount rate for lump sum award This section applies to an award of damages for deprivation or impairment of earning capacity, or for a liability to incur expenditure in the future. However, this section does not apply to an award of damages to which the Civil Liability Act 2003 , chapter 3 applies. When assessing an amount of damages as a lump sum for a future loss or expense, the amount must be the present value, calculated using the prescribed discount rate, of the future loss or expense. In this section— prescribed discount rate , for an award, means— the discount rate prescribed under a regulation as in force when the award is made; or if a discount rate is not prescribed under a regulation when the award is made—5%. (sec.61-ssec.1) This section applies to an award of damages for deprivation or impairment of earning capacity, or for a liability to incur expenditure in the future. (sec.61-ssec.2) However, this section does not apply to an award of damages to which the Civil Liability Act 2003 , chapter 3 applies. (sec.61-ssec.3) When assessing an amount of damages as a lump sum for a future loss or expense, the amount must be the present value, calculated using the prescribed discount rate, of the future loss or expense. (sec.61-ssec.4) In this section— prescribed discount rate , for an award, means— the discount rate prescribed under a regulation as in force when the award is made; or if a discount rate is not prescribed under a regulation when the award is made—5%. - (a) the discount rate prescribed under a regulation as in force when the award is made; or - (b) if a discount rate is not prescribed under a regulation when the award is made—5%.